Stocks rise after China announces more support measures - 28.8.2023

The Dollar strengthening has halted today. The live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, ended 0.2% higher on Friday.

Both GBP/USD and EUR/USD slowed their sliding on Friday as federal statistics office Destatis reported German gross domestic product was flat in the second quarter. Both euro and Pound are higher against the Dollar currently. USD/JPY reversed its retreating on Friday while AUD/USD slowed its sliding with the yen lower against the Greenback currently and the Australian dollar little changed.

US stocks indexes futures are up currently after closing higher on Friday. The three main US stock benchmarks recorded daily gains in the range from 0.7% to 0.9% on Friday as Fed chair Powell told at Jackson Hole, Wyoming that the US central bank was prepared to raise interest rates again, but would proceed “carefully” going forward.

European stock indexes futures are higher currently after closing marginally higher on Friday while GfK reported improvement in UK consumer sentiment in August. Asian stock indexes futures are advancing today with Hong Kong’s Hang Seng index leading gains while Beijing announced new measures to buoy stock markets including halving the stamp duty on stock trading.

Brent is little changed currently. Oil prices ended higher on Friday after energy services firm Baker Hughes reported the total count of active US oil rigs was down for a ninth straight month in August. Lower active US rig count points to anticipated lower US future output. The US oil benchmark West Texas Intermediate (WTI) rose 1.0% and is stable currently. Brent gained 1.3% to $84.48 a barrel on Friday. Brent declined less than 1% and WTI lost about 2% for the week.